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Executives, boards of education, and audit committees seek ways to drive greater efficiencies and the assurance that internal controls and processes are effective. At the same time, technological advances may expose your entity to additional risks to your security, data integrity, and even business continuity. When was the last time you looked at your internal audit function? An effective internal audit process can identify inefficient practices, internal fraud, and mitigate risks that can interfere with the efficiency of your operations.
Typically, internal audits address risk governance, controls, and compliance. The process must be aligned with your goals with input from all levels of the organization. When you’re busy with day-to-day operations, it can become difficult to spot opportunities for improvement. Smaller entities do not have the internal resources to conduct regularly scheduled internal audits.
Our Approach
At Lumsden McCormick, we are accustomed to helping entities of all sizes mitigate risk through a proven internal audit process. Our Internal Audit Team will perform a comprehensive assessment of your risk environment, incorporating existing controls, while recommending new controls deemed appropriate to mitigate any gaps in your internal controls.
We work proactively with you to conduct effective risk assessments and then prioritize risks from high to low. Next, we develop test controls to address the greatest risks. We’ll work collaboratively with your management team in the reporting stage to ensure that the issues uncovered during the assessment are being addressed appropriately.
In addition to the steps outlined above, our Internal Audit Team offers:
As risk increases, it is increasingly important to ensure that internal controls are operating effectively. Choosing an independent auditor with the skilled resources and practical experience to oversee the process can go a long way in creating a sustainable control environment.
For more information about Lumsden McCormick Internal Audit Consulting Services, please contact Sara M. Dayton or complete the form below.
Crowdfunding platforms nonprofit organizations to raise money and engage potential supporters, especially younger adults. Tax implications of crowdfunding can be complex and different from traditional fundraising methods. Crowdfunding websites or their payment processors may be required to report distributions of funds by filing IRS Form 1099-K, and the reporting threshold has been significantly lowered over the years.
Manufacturers are facing uncertainty due to factors like shifting tariff policies, supply chain disruptions, fluctuating demand, and rising raw material costs. Rolling forecasts and financial modeling are two financial planning tools that can help manufacturers navigate this instability by providing continuous updates and testing various assumptions.
Nonprofits can significantly improve their operations by leveraging AI and automation. These technologies help reduce human errors, free up time for mission-oriented work, and streamline essential tasks like fundraising, marketing, and reporting.
